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Filings for unemployment insurance declined last week as businesses slowed layoffs amid reopening.

New jobless claims totaled an unadjusted 406,000 last week, the Labor Department said Thursday. That comes in below the median estimate of 425,000 from economists surveyed by Bloomberg.

The reading marks a fourth straight decline and places claims at their lowest point since the pandemic slammed the US economy in March 2020.

The previous week’s count was unrevised at 444,000.

Continuing claims, which track Americans receiving unemployment benefits, fell to 3.64 million for the week that ended May 15, according to the report. Economists expected continuing details ⇒

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